Write-Offs: 07.15.13
$$$Jurors picked in SEC fraud case against Goldman's Fabrice Tourre [Reuters]
$$$ U.S. District Judge Katherine Forrest excused some potential jurors after they said they had views about Wall Street or the role of banks in the financial crisis. The first juror to be excused said he had "a fairly jaundiced view of Wall Street." Forrest also quizzed jurors on whether they had ever heard of Abacus, Tourre or his nickname, "Fabulous Fab." At the start of the trial, Forrest warned the lawyers on both sides to "have a heart" and be mindful many jurors would not know the financial jargon expected to be used at trial. Among the words or phrases she singled out were "asset-backed," "short," "security," "flip book" and "swap." She also cited the term "trading desk," saying "mere mortals don't know what a trading desk is." [Reuters]
$$$ Not unlike his tenure at Goldman, in Africa Mr. Tourre appeared to have a knack for innovation, except there it was in farming. The March 2011 e-mail to friends describes technology developments for Rwandan farmers, like using “spy-like chips” hidden in coffee beans to track whether crops are being stolen. His e-mail to friends is also laden with exclamation points, a hallmark of his infamous Goldman missives. In describing a trip to Rwanda’s stock exchange, he recalled arriving on “the trading floor of the exchange on a Friday morning, in the middle of the trading day, to see … nobody!” The scarcity of people, he said, stemmed from the lack of local companies listing their shares. “The visit was a great experience over all, as it is rather unique to witness the birth of local capital markets.” [Dealbook]
$$$Citigroup's Profit Rises 42% [WSJ]
$$$Biker Surprised to Find Shia LaBeouf in Next Lane, Staring Him Down [Gawker]
$$$John Paulson's telecom picks take an even bigger Leap [CNBC]
$$$Vote on Dell Deal Likely to be Close [WSJ]
$$$Viking co-founder joins Sackler family office with Deutsche Bank PB pro [HFI]
$$$$145 Million of Wine Down Drain [WSJ]
